Rivian has just closed yet another financing round, bringing in an additional $2.5 billion.
This round was led by Amazon’s Climate Pledge Fund, D1 Capital Partners, Ford Motor Company, and funds and accounts managed by T. Rowe Price Associations. It also included Third Point, Fidelity Management and Research Company, Dragoneer Investment Group, and Coatue.
“As we near the start of vehicle production, it’s vital that we keep looking forward and pushing through to Rivian’s next phase of growth,” Rivian chief executive RJ Scaringe said in a statement. “This infusion of funds from trusted partners allows Rivian to scale new vehicle programs, expand our domestic facility footprint, and fuel international product rollout.”
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This funding round comes just six months after Rivian raised $2.65 billion from the same pool of investors. The electric car start-up has now raised $10.5 billion since its inception and while the company was recently forced to delay deliveries of the R1T, it has big plans for the future.
Earlier this month, it was revealed that Rivian is looking to establish a second U.S. manufacturing facility. A location is expected to be announced in the coming months while construction could break ground in early 2022. This site would join Rivian’s current facility in Normal, Illinois that the company purchased from Mitsubishi.
All of this comes amid reports that Rivian could be targeting an initial public offering before the end of the year. It was recently confirmed that the company was working with advisors including Goldman Sachs Group, JP Morgan Chase & Co, and Morgan Stanley for the IPO.
